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Third class-action suit filed against Australia's AMP for misconduct

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Third class-action suit filed against Australia's AMP for misconduct

AMP Ltd. is facing its third class-action lawsuit over alleged incidents of misconduct, with more potentially on their way, Reuters reported May 25.

Shine Lawyers filed a statement of claim in the Federal Court of Australia accusing AMP of engaging in misleading conduct and failing to disclose material information to the market. It comes after the lender admitted to charging customers with fees for financial advice they did not receive.

AMP is already facing two class-action lawsuits filed by law firms Quinn Emanuel Urquhart & Sullivan, and Phi Finney McDonald on behalf of AMP shareholders. Two more similar ones from Slater and Gordon, and Maurice Blackburn are potentially waiting in the wings, the report added.